LONDON/NEW YORK (Reuters) – Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed. Road traffic in some of the world’s major cities
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Special Report: How China got shipments of Venezuelan oil despite U.S. sanctions
CARACAS/MEXICO CITY(Reuters) – Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela’s state-owned oil
Rosneft says no change to dividend policy despite lower state stake
MOSCOW (Reuters) – Russia’s largest oil producer Rosneft (ROSN.MM) said on Sunday it planned to maintain a dividend policy of paying out half of its net profit despite the state lowering its stake in the company to below 50%. Rosneft
'This could be the one that gets me,' says oilfield service veteran
(Reuters) – Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co (HAL.N) for the fifth time in 15 years when his career came to a halt. A third-generation employee, Harris rose through the ranks
Iran oil tanker reaches Venezuela amid US tension
The first of five Iranian oil tankers has entered Venezuela’s waters carrying more than a million barrels of fuel. The Iranian tankers are being escorted by the Venezuelan navy and air force. The US, which has has imposed sanctions on
LA hash oil factory blast injures 11 firefighters
A blast at a hash oil factory in Los Angeles has injured 11 firefighters who were caught by a ball of flame as they worked to put out a blaze. The fireball shot out of the building and scorched a
OPEC slashes oil demand forecast but sees cuts helping restore balance
LONDON (Reuters) – OPEC on Wednesday again slashed its forecast for global oil demand this year as the coronavirus outbreak causes a global recession, although it said record supply cuts by the group and other producers were already helping rebalance
Bankruptcy looms over U.S. energy industry, from oil fields to pipelines
NEW YORK (Reuters) – U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads and a dual supply/demand shock in the worst crisis the oil industry has faced.
Negative $40 oil reflects panic – and U.S. crude market economic reality
(Reuters) – Traders desperate to avoid owning oil fled the markets on Monday, sending crude futures into negative territory for the first time ever, in recognition that the coronavirus pandemic has sapped demand for fuel and there is not enough
Oil price crashes into negative territory for the first time in history amid pandemic
NEW YORK (Reuters) – U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get